Money manager John Hancock Funds will merge its Pacific Basin fund into its International fund this fall, Reuters reports. The tiny Basin fund, with only $20 million in assets, is not attracting sufficient investor interest to let it stand on its own, Hancock said.
Liz Kennedy, a spokeswoman for the firm, told Reuters that at such a low asset level, the fund was no longer cost effective. She added that Hancock periodically reviews all of its funds, and makes necessary changes based on observations.
The Pacific Basin fund is currently ranked as one of the best Pacific region funds, with returns of approximately 23% in the past three months.
This is not the only fund that has been merged within Hancock recently. Earlier in the year, the European and Global funds were merged into the International fund, which is currently up11.88% year to date.